The Ministry of Statistics and Programme Implementation’s (MoSPI) now estimates that the ‘Agriculture, livestock, forestry and fishing’ sector is, on average, 5% larger than previously estimated in the four years starting 2022-23, in current prices. Express Photo: Gurmeet SinghIndia’s new GDP series with 2022-23 as the base year has led to some dramatic changes: real growth rates in the three years starting 2023-24 are now more stable (7.1-7.6%) than before (6.5-9.2%). There has been a 3-4% reduction in the size of the economy without adjusting for price changes, which is not unreasonable. What is interesting, however, is how various sectors are seen to be faring under the new GDP series — which is widely considered to be a more accurate representation of the economy than the old one. But the sector continues to shrink: in 2025-26, it accounted for 16.2% of GDP as against 15.2% in the old series, in nominal terms.

Source: Indian Express March 02, 2026 18:05 UTC